Hong Kong stocks rise from one-month low as Tencent gains before earnings report while Geely jumps on auto sales
- Tencent eked out a small gain while Meituan retreated by 0.3 per cent before key earnings reports from index heavyweights
- Geely Auto led carmakers higher after China’s new-energy car sales more than doubled in October
The Hang Seng Index gained 0.2 per cent to 24,813.13 at the close on Tuesday, erasing an earlier loss of as much as 0.3 per cent. The Hang Seng Tech Index advanced 0.5 per cent, while the Shanghai Composite Index added 0.2 per cent.
Tencent added 0.1 per cent to HK$464. Third-quarter net income at the WeChat operator and online-games developer probably increased 0.6 per cent from a year ago, according to the consensus in a Bloomberg survey before its report card on Wednesday. Geely Auto climbed 2.6 per cent on robust October vehicle sales.
A slew of corporate earnings report cards from the likes of Xiaomi and Meituan will follow on Monday, offering a look into how Chinese tech juggernaut fared under a regulatory onslaught that ravaged the e-commerce to ride-hailing, food delivery and after-school tutoring sectors.
Local sentiment was cautious as the Fed warned about inflated asset prices in its Financial Stability report overnight, highlighting stresses in the real estate market and potential spillover of risks from China’s financial markets, especially around the China Evergrande Group’s debt woes.